GBP/USD Holds above 1.1800 as the Pound Resumes Selling Pressure

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Technical indicators:
Major Resistance Levels – 1.2800, 1.2900, 1.3000
Major Support Levels – 1.1900, 1.1800, 1.1700

GBP/USD Long-Term Analysis: Bearish
GBP/USD is in a downtrend as the pound resumes selling pressure. The Pound is retesting the previous low of July 14. For the past four days, the bears have been attempting to breach the current support. In July, the bears failed to breach the current support as the currency pair rallied to the high of 1.2293. Later,the Pound was repelled at the 1.2300 resistance zone. Today, the current support may hold as the market reaches the oversold region.

GBPUSD Indicator Analysis
The Pound is at level 36 of the Relative Strength Index for period 14. It indicates that the pair is in the downtrend zone as it approaches the oversold region. The price bars are below the moving average lines which causes the pair to fall. The moving averages lines are sloping southward indicating the downtrend. The pair is below the 20% range of the daily stochastic. The Pound has fallen to the oversold region of the market. The selling pressure is likely to subside as buyers emerge in the oversold region.

What Is the Next Direction for GBP/USD?
On the weekly chart, the pair is in a downward move as the pound resumes selling pressure. It will decline if the current support is breached. Meanwhile, on the July 11 downtrend, a retraced candle body tested the 78.6 % Fibonacci retracement. The retracement suggests that the Pound will fall to level 1.272 Fibonacci extension or level 1.1510.

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